Lesetja Kganyago At Davos: Bitcoin Doesn't Belong In Government Reserves

Speaking at the World Economic Forum in Davos, Switzerland on Tuesday, Kganyago warned that governments should be careful to avoid the influence of "lobbyists" who have "a particular interest in a particular product" wanting to impose it on societies.

"I would have a significant problem with a lobby that says governments should hold this or that asset without consideration for what the strategic intent of government is. There is a history to gold, but if we now say bitcoin, then what about platinum or coal? Why don't we hold strategic beef reserves, or mutton reserves, or apple reserves? Why bitcoin?"

Well-known South African technology entrepreneur Stafford Masie, an strong advocate of bitcoin, is one of those who has been lobbying government to adopt a strategic bitcoin reserve.

Although Masie couldn't immediately be reached for comment on Wednesday, he responded to Kganyago's remarks on X, saying: "We're still early and we have work do."

Then, reposting controversial MK politician Mzwanele Manyi who plans to speak at a bitcoin conference next month and who said he has a "fundamentally different view" to Kganyago, Masie said edited for clarity: "What was said in Davos by Kganyago was not representative of South Africa or what is actually happening among political and private sector leaders here. I wish more could be disclosed but rest assured we bitcoin maximalists are apolitically, quietly and steadily orange-pilling."